ENTREPRENEURSHIP

WHAT IS ENTREPRENEUR?
- The word “Entrepreneur” comes from the Middle
French verb “Entreprendre” which means “to begin
something; undertake”. In Middle French, the addition
of “eur” at the end of a verb is used to make agent words.
So, entrepreneur = Entreprendre + eur. In French, a
business is “entreprise”. In English the equivalent is
“enterprise”.
-An entrepreneur is an individual who creates a new
business, bearing most of the risks and enjoying most of
the rewards. The entrepreneur is commonly seen as an
innovator, a source of new ideas, goods, services, and
business/or procedures.
-Richard Cantillon coined the term “entrepreneur” in
the mid-18th century for a farmer who undertakes to pay
the owner, for his farm or land, a fixed amount of money
with no guarantee of profit obtained from such activity,
-Traditionally, it is Jean-Baptiste Say who is credited
for coining the word and advancing the concept of the
entrepreneur, but in fact it was Cantillon who first
introduced the term in Essai.
 Successful Entrepreneurs in the Philippines

Henry Sy
(SM also known as Shoe Mart)

Henry Tan Chi Sieng Sy Sr. also known as Henry Sy was a Chinese Filipino businessman and
investor.
Born in Fujian, he moved with his family to the Philippines at age 12. His family would later return to
China, with Henry staying behind to establish ShoeMart, a small Manila shoe store, in 1958. Over the
decades he developed ShoeMart into SM Investments, one of the largest conglomerates in the Philippines,
including 49 SM malls in the Philippines and China, 62 department stores, 56 supermarkets and over 200
grocery stores. SM also owns Banco de Oro, the second-largest bank in the Philippines, as well as real
estate holdings.
Sy became a store manager working for an American business involved in the local shoe industry in the
Philippines; he opened his first sole-proprietorship store in Quiapo, Manila in 1948. 
He sold surplus G.I. boots and saved finances before he established ShoeMart in 1958, his own small
shoe store in Quiapo, that marked the beginning of SM Prime.
Sy became involved in the banking industry when he acquired Acme Savings Bank (later renamed Banco
de Oro or BDO) in 1967.
In November 1972, he opened SM Quiapo, SM's first stand alone department store 
On November 8, 1985, he established his first SM Supermall, SM City North EDSA. 
In the early 1990s, SM started opening more shopping malls with the setting up of two malls in Metro
Manila and a solitary mall in Cebu City. SM Prime Holdings was incorporated in 1994 and went public.
Sy was named "Richest Man of the Year" by the Makati Business Club in 1999 and was conferred an
Honorary Doctorate in Business Management by De La Salle University in January of that year. He and
his wife established the SM Foundation Inc., which helps underprivileged youths, the disabled and the
elderly. He established business presence in Mainland China when the SM Group opened its first
shopping mall in his native Xiamen. Other malls were later set up in other parts of Southern China.
In August 2005, Sy's stake in the San Miguel Corporation, Southeast Asia's largest food and beverage
conglomerate, reached 11%. He sold that stake in October 2007 for $680 million.
Sy's holding company, SM Investments (also known as SM Group), has been frequently named as one of
the best managed companies in the Philippines. SM Investments is the operator of Banco de Oro (BDO)
and owner of Chinabank. In 2006, Sy bought the remaining 66% of Equitable PCI Bank, the Philippines'
third largest lender, and merged it into BDO the following year. The transaction turned BDO into the
second largest financial company in the country.
He was the Philippines' richest man, gaining $5 billion in 2010, amid the global financial crisis. The huge
gain was due to his holding company, SM Investments, which has interests in BDO, inter alia. For 11
straight years until his death in 2019, Forbes ranked him as the richest person in the Philippines, with an
estimated net worth of US$19 billion in 2019.
 Tony Tan Caktiong, (Jollibee)

Tony Tan Caktiong is a Filipino businessman. He is the founder and chairman of Jollibee Foods
Corporation, and the co-chairman of DoubleDragon Properties. Forbes listed him as the fifth
richest person in the Philippines in 2023, with the estimated net worth of USD$3.2 billion.

Tan Caktiong was born to Chinese immigrant parents from Fujian. His father worked in a
restaurant in China and as a cook in a Buddhist monastery in Manila before setting up his own
restaurant in Davao City.

Tony Tan Caktiong attended high school at Chiang Kai Shek College and graduated from
the University of Santo Tomas with a degree in chemical engineering 

In 1975, Tony bought a Magnolia ice cream parlor. However, it was not generating enough
business. After talking with his customers and people within the neighborhood, Tony decided to
include sandwiches, fried chicken, and French fries in the menu. In time, the restaurant found
itself packed to overflowing capacity.

By 1978, Tony had opened six more restaurants, but the main item was no longer ice cream.
Tony then decided to adapt the McDonald’s concept and named his franchise after his work ethic
of being as “busy as a bee.”

Today Jollibee has grown to more than 2,500 stores in the Philippines plus locations in the US,
China, Saudi Arabia, Vietnam, Singapore, and Brunei.

AWARDS
 Entrepreneur Of The Year Philippines, 2004
 Ernst & Young World Entrepreneur Of The Year, 2004
 Gawad Mabini with the rank of Commander (Dakilang Kasugo), 2016
 Honorary doctorate from the University of Santo Tomas, 2018
 John Gokongwei Jr. (JG Holdings)

John Robinson Lim Gokongwei Jr. was a Chinese Filipino businessman, investor, and
philanthropist. His conglomerate company JG Summit Holdings, Inc., had an extensive panoply
of business and investment holdings across the Filipino economy, including shipping,
telecommunications, retail, financial services, petrochemicals, utilities, aviation, food, beverages,
and livestock farming.
After World War II, he started his own company called Amasia Trading, which imported flour,
onions, fruits, used clothing, old newspapers, and magazines from the United States.
In the early 1950s, along with his brothers and sisters who returned from China, he started to
import cigarettes and whiskey too.
John Jr. soon realized that importing carried too much risk and low margins. Thus, in 1957, he
borrowed Php 500,000 from China Bank and started a corn milling business named Universal
Corn Products. (which later evolved into Universal Robina Corporation).
In 1961, he established Consolidated Food Corporation (later known as CFC Corporation, which
later merged with Universal Robina Corporation), which launched its instant coffee brand Blend
45.
In November 1990, Gokongwei incorporated JG Summit Holdings as a publicly listed holding
company. In March 1996, Cebu Pacific Air began operations.
From 2003, his telecom company Digital Telecommunications Philippines spent nearly $800
million for its mobile carrier, Sun Cellular, which was the third-largest mobile operator in the
Philippines at that time before selling to the PLDT group for $1.7 billion.
In 2013, his company bought the stake of San Miguel Corporation in Meralco, the largest power
distributor in the country, for close to $1.8 billion.
In July 2014, Universal Robina acquired Griffin's Foods from Pacific Equity Partners, a New
Zealand food company for $609 million
In 2014, Gokongwei attempted a $1 billion takeover of United Industrial Corporation Ltd (UIC),
a property giant from Singapore of which he owned in excess of 30%. UIC controls Singapore
Land, one of the biggest property landlords in Singapore.
He also owned Robinsons Retail Holdings, Inc. and Robinsons Land Corporation.
The Gokongwei family controls over $20 billion of combined market capitalization for all the
companies they own
 Socorro C. Ramos

(National Bookstore)

Maria Socorro Cancio Ramos is a Filipino entrepreneur. She is the co-

founder of National Book Store, the largest bookstore chain in the
Philippines.
Maria Socorro Cancio Ramos was born on 23 September 1923 in Santa
Cruz, Laguna. She grew up in a rich entrepreneurial family. As a child
she helped at a young age in her parents' shop and her grandmother's
market stall. After graduating from Arellano High School, she worked as
a shop girl in the Ramos Goodwill Book Store. Socorro's brother Manuel
married one of the daughters of the Ramos family and in 1940 a new
bookshop was opened on Escolta Street on the ground floor of Panciteria
National. José Ramos was put in charge and asked Socorro to come and
work for him. The store was called National Book Store. Shortly
afterwards, she married José, despite a ban from her family.
Over time, the store expanded. New branches were opened at the
intercession of the three children of Socorro and Jose. The company
became a real family business and grew into a chain of bookstores with
branches throughout the country.
In the 1990s, the chain had about 50 branches. Twenty years later, there
were 145. The National Book Store became the largest bookstore chain
in the Philippines and one of the largest companies in the Philippine
retail industry.
In 2017, Ramos was one of the recipients of the Outstanding Manilan
Award.
 Cecilio Kwok Pedro

(Lamoiyan Corporation)

Cecilio Kwok Pedro, of Chinese descent, was born on 1953 in the

Philippines. Even when he was young, Pedro already has a knack for
business, selling pens to his schoolmates. Dr. Pedro’s story is not the
rags-to-riches type, but his success is nevertheless admirable.
Cecilio used to head Aluminum Container Inc., which produced the
aluminum toothpaste tubes for Procter and Gamble, Philippine Refining
Company (now Unilever), and Colgate-Palmolive. However,
environmental concerns led his clients to shift to plastic-laminated
toothpaste tubes. Aluminum Container Inc. failed and closed its shop in
1986.
He put up Lamoiyan Corporation and manufactured toothpaste that was
priced 50% lower than his competitors. These included the still-popular
brands Hapee and Kutitap. Although the foreign brands countered by
lowering their brands by 20%, Cecilio responded by introducing
toothpaste targeted for children that featured the characters from Sesame
Street.
Cecilio’s brands have made it to other markets in Asia, such as China,
Vietnam, and Indonesia.
Cecilio’s greatest accomplishment was not limited to manufacturing. He
is also known for his advocacy to help hearing-impaired people find
employment in the country.
His programs include free housing for more than 30 deaf–mute staffs.
To date, more than 180 hearing-impaired students have received college
education through DEAF or Deaf Evangelistic Alliance Foundation.
 Mariano Que

(Mercury Drugstores)

Mariano Que was a Chinese Filipino businessman best known for being the

founder of the pharmacy chain Mercury Drug.
Que worked as an employee at Farmacia Central, a major pharmacy owned by Jose
Tee Han Kee along Calle Rosario (now Quintin Paredes Street) in Manila, prior to
the onset of World War II. He was orphaned during the Japanese occupation of the
Philippines.
After the war ended in 1945, Que bought ₱100-worth of Sulfathiazole pills. He
sold these drugs in single doses and using his savings decided to buy an assortment
of medicine which he later peddled through a pushcart.
He would eventually found Mercury Drug in Bambang on March 1, 1945. The
Roman god Mercury is known for speed. He also carries the caduceus, which is a
symbol in the medical industry.
Mariano invested his earnings into the company and introduced many innovations
in the service. Among these innovations were a drug-delivery service to clients and
locations that are open 24/7 because he knew people would be needing medicines
any time of the day.
Mercury Drug would open its second store in 1963.
By the time Mariano opened his second Mercury Drug at the newly constructed
Ayala shopping center in Makati, he had invested in technological innovations,
such as biological refrigerators and computer-guided controls.
In 1972, Mercury would acquire the Tropical Hut fast-food and supermarket chain.
Mariano’s dedication to his business has allowed Mercury Drug into 700 stores
and a widely recognized name for quality pharmaceuticals.
 Alfredo M. Yao (Zest-O)

Alfredo M. Yao is a Filipino businessman who is the founder of Zest-O, Macay Holdings,
Inc. (PSE: MACAY) and Philippine Business Bank (PSE: PBB). He served as the Special Envoy
to China for Tourism and Cooperation in 2009.
When Alfredo lost his dad at age 12, his mother was left to support him and his siblings by
becoming a sidewalk vendor. A relative was able to give financial aid, which allowed Alfredo to
reach, but not complete, college at the Mapúa Institute of Technology.

Alfredo took several odd jobs, which included time at a printing press. During his stay there,
Alfredo learned how to print cellophane wrappers for candies and biscuits. His experience
prompted him to start his own printing business.

His printing business was doing well. However, his discovery of the Doy Packaging system from
Europe was the turning point of his entrepreneurial career. He tried to sell the system to juice
manufacturers, but no one was interested. Thus, Alfredo ventured into the juice business by
concocting flavors in his kitchen.

He put up a company called SEMEXCO Marketing Corporation and launched Zest-O orange
juice drink in 1980.

Zest-O Cola, Zest-O Dalandan & Zest-O Calamansi carbonated soft drinks were introduced in

2000 while Zest-O Root Beer was introduced in 2005.

Today, Zest-O controls 80% of the juice market, and it has expanded to markets in Australia,
China, New Zealand, Korea, Singapore, US, and several countries in Europe. Alfredo’s
entrepreneurial success has revitalized the juice region in the Philippines particularly farmers
growing dalandan. The Doy packs are also recycled by local cottage industries into handbags for
export to other countries!

Alfredo has diversified his business interests into airlines by acquiring Asian Spirit Airlines and
renaming it as Zest Air.

Companies

 Zest-O Corporation
 Mazy's Capital, Inc.
 Macay Holdings, Inc. (PSE: MACAY)
 ARC Refreshments Corporation
 ARC Holdings, Inc.
 Philippine Business Bank (PSE: PBB)
 Corazon D. Ong

(CDO Foodsphere)

Corazon D. Ong, the founder of CDO Foodsphere, Inc., established a prominent

meat-processing company specializing in sausages, hams, bacon, hamburger
patties, loaves, and sweet preserves. With a background as a dietician, she earned
recognition as the recipient of the esteemed Most Outstanding Dietitian Award
from the Nutritionists-Dietitians Association of the Philippines.
In addition, her entrepreneurial prowess led to her being honored as the 2009
Woman Entrepreneur of the Year by Ernst and Young. Corazon D. Ong's
remarkable achievements in the food industry exemplify her dedication to quality
and her commitment to excellence.
The company was founded by Corazon Dayro Ong on June 25, 1975 as CDO Food
Products.
In 1981, the company registered as a corporation under as Foodsphere Inc. with
CDO becoming the flagship brand.
As a working mom she would make recipes her children loved, but with a hungry
brood to feed, she had to make sure they were also easy to prepare and budget-
friendly. The children’s favorites like longganisa, tocino and siopao were also a big
hit among neighbors and workmates. Soon, orders poured in for her delicious
homemade meat products and her passion for cooking turned into a lucrative
business.
In 1975, she and her husband Jose J. Ong quit their day jobs and made the big leap
to build their dream business. More than four decades later, she continues to be
mother to one of the country’s most successful and multi-awarded food companies,
providing guidance and livelihood to over 50,000 Filipinos.
In time, CDO expanded to industrial markets. Today, CDO supplies processed
meats to 90% of quick service restaurants or QSRs in the country.
 Gregorio G. Sanchez Jr.

(LactoPAFI)

Coming from an impoverished, life is not that easy for the young Gregorio. He was born to his
poor parents who were from the local community in Tubaran, located at the rear side of Cebu
Province facing Negros Oriental.

He took up Engineering at the same University in 1960. His looks were really noticeable, for
among all the engineering students he was the only one who wore shorts because he cannot
afford to buy a much longer pants. But this impoverishment did not stop the young Greg from
dreaming. Although he struggled really really hard, he was able to finish his degree and pass the
Board Exam in 1965.

While working as a provincial board member in Cebu, Gregorio noticed that pigs sold to market
were apparently malnourished.

He decided to look into the cause of malnutrition by doing research in his spare time. Using only
pots and pans in his home, Gregorio conducted several tests and experiments on how to alleviate
the state of malnutrition of Cebu’s livestock.

Despite numerous failures, his persistence finally paid off. He discovered the pigs were suffering
from a type of bad bacteria. His solution was a probiotic bacteria that would increase the level of
good bacteria in the body.

The bacteria would be called LactoPAFI Probiotic Bacteria. Gregorio’s discovery would reach
global acclaim as a leader in probiotics. It is now exported to New Zealand, Norway, France,
Australia, Hong Kong, Japan, and US.

Today, Engineer Greg is not only a reputable politician but is also a very established world
entrepreneur.

AWARDS
Ernst & Young Entrepreneur of the Year (EOY) of the Philippines in 2005
Awardee-Chosen Socially Responsible Entrepreneurship of the Year in 2006
The Most Outstanding Alumni of University of San Jose – Recoletos in 2003.
2004 Asia-Pacific Awardee as Outstanding Health Drink of the elite Asia-Pacific Awards
Committee of the National Consumer Affair Foundation
2004 National Consumers Quality Awardee as Top Food Supplement & Health Drink Product
Brand
2004 Philippine Business Excellence Awardee for being No. 1 Food Supplement
National Shoppers’ Choice Annual Awardee for 2004 as Top Food Supplement (National)
Consumers League of the Philippines Foundation, Consumer’s Choice Awardee for Most
Outstanding Health Drink & Supplement
Who’s Who in the Philippines 2004 Consumers Choice Awardee as Best Food Supplement &
Health Drink Products Brand
2004 Buyers’ Choice Award Supplement
 Diosdado Banatao

(Computer Chips)

Diosdado P. Banatao is a Filipino entrepreneur and engineer working in the high-tech industry,

[2]
 credited with having developed the first 10-Mbit Ethernet CMOS with silicon coupler data-link control
and transceiver chip, the first system logic chip set for IBM's PC-XT and the PC-AT, and the local bus
concept and the first Windows Graphics accelerator chip for personal computers.[3] A three-time start-up
veteran, he co-founded Mostron, Chips and Technologies, and S3 Graphics.
In 1984, Banatao and his business partner Francis Siu, founded a high-technology company, Moston,
starting with a capital of half a million US dollars. Mostron was launched as a manufacturer of
motherboards.
After he developed a five-chip set, he co-founded Chips and Technologies in 1985. The company
developed system logic chip set for IBM's PC-XT and the PC-AT. The company earned $12 million in its
first four months. After 22 months, the company went public.
In 1989, Banatao launched his third start-up company, S3 Graphics, with Yara in Santa Clara, California.
In 1996, the company became the leader of the graphic-chips market, beating a strong competitor, Cirrus
Logic, Inc. In the same year, Chips & Technologies was sold to Intel for about $300 million.
In 2000, he decided to start his own venture capital firm named Tallwood Venture Capital with a capital
of US$300 million, all of which came from his own pocket. He later sold another company for more than
$1 billion, where it had less than 20 employees.[10] Dado was also part of SiRF, where it started the
consumerization of GPS after it had been declassified by the US Government.
In 2010, Banatao became Ikanos Communications' CEO after Michael Gulett resigned as the company's
CEO and President.
AWARDS
Asian Leadership Award
Pamana ng Filipino Award
Master Entrepreneur of the Year Award
Kalampusan Award
RECOGNITIONS
Ellis Island Medal of Honor by National Ethnic Coalition of Organizations, Inc. (NECO) in 1993 and
1994
Doctor of Technology by Mindanao State University - Iligan Institute of Technology in 2009